The management of Kinion Corporation is considering the purchase of a machine that would cost $170,000, would last for 7 years, and would have no salvage value. The machine would reduce labor and other costs by $50,000 per year for each of the 7 years. The required rate of return is 16%. Show your work! Required: 1. Determine the net present value of the project. 2. Determine the payback period. 3. Should the company purchase the machine